Car Finance

Generally we allow at least 24 hours to get an approval. However we can often get approval within a shorter time frame if needed provided all the required information is available. Please consult our interview check-list, this will help prepare the main documents needed to have car finance approved quickly.

Download complete and return our car finance initial application form to commence your car finance application.

If you haven't had finance before, we recommend obtaining a loan pre-approval. A pre-approval provides two important things - the confidence to negotiate your purchase knowing that your finance is already approved and the knowledge that you're shopping within your budget. Ability Finance can help to tailor the repayment amounts that will be within your budget.

In many cases, you may not require a deposit, but if you wish to contribute a deposit this will reduce the overall cost of the finance.

Repayments can be made by direct debit or BPAY on a weekly, fortnightly, or monthly basis for consumer loans. Business loans can be direct debited on a monthly basis or structured to suit seasonal needs.

A balloon or residual payment is a one off payment at the end of a loan term. A residual reduces the regular repayments amount during the loan term, meaning you may be able to afford a car that may ordinarily be out of your normal budget.

Leasing, Commercial Hire Purchase and Chattel Mortgage loans are available for vehicles that are used at least 50% for business use. Secured car loans (Consumer Mortgages) are designed for people seeking finance to buy a car for private use.

Never sign anything unless you fully understand what you are committing to. If in doubt always seek independent, professional advice before you sign anything.

Contracts and deposits

The NSW Department of Fair Trading has this to say in their car buyers hand book.

If you sign anything at a car dealership, it is probably a sale contract. You may also sign a loan application or loan contract on the premises. Contracts are legally enforceable. Read all the documents carefully. Do not sign anything unless you understand what you are agreeing to and you are certain you will be buying the car. If you have decided to buy a car but you need to have a loan approved first, make sure that it is written into the contract that completing the purchase is conditional on you obtaining the loan. If you have this specified in the contract and you cannot get a loan after reasonable attempts, you may be able to cancel the contract and have the deposit returned to you.”

Ability Finance can obtain competitive car loans, leases, novated leases, hire purchase, chattel mortgages and personal loan car finance for either new or used cars and most other types of motor vehicles Australia wide.

If you are seeking an online calculator to determine the repayment amount, the interest rate will be required. New car finance will generally have a lower interest rate to most used car finance and if there is any history of bad credit, finance may still be available although the interest rate may be higher depending on the circumstances.

Ability Finance can supply a car finance quote. We require information such as if the loan is for a new or used car and if it is to be a business motor vehicle, a car loan for self employed borrowers or if the car is entirely for personal use. We also need to know if the quote is for a vehicle being purchased from a dealer or via a private sale.

Ability Finance can obtain rates for a lease, novated lease, commercial hire purchase, chattel mortgage or personal loan that is tailored to meet your vehicle finance needs.

If you are purchasing a motor vehicle in NSW The NSW Department of Fair Trading has a guide available on their website and a copy of the April 2006 Version of the car buyers handbook is available for download here. The NSW Motor Traders Association has a code of conduct for its members available through the NSW MTA home page.